Company registration number: 6014487
COMPANY INFORMATION
CONTENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 3 form part of these financial statements.
Page 1
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
City & Provincial (Worthing) Limited is a company limited by shares, incorporated in England and Wales, company registration number 6014487. Its registered office and principal place of business is disclosed on the company information page.
2.Accounting policies
The financial statements are presented in sterling which is the functional currency of the company and
rounded to the nearest £.
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Following the year end the stock held by the company was sold. The net proceeds were used to reduce the company's liabilities. The remaining creditors are entities under common control, and the directors have received assurances that these balances will not be called for repayment until the company is in a financial position to do so. The directors intention is to continue to trade through the company. Therefore the directors believe the going concern basis of preparing the accounts is appropriate.
Inventories consist of the site acquired for the purpose of property development, work in progress and other construction costs associated with the development of the properties. Inventories are measured at cost and are recognised in the financial statements on the exchange of property contracts.
Interest costs incurred to fund the development of the properties have not been capitalised and have therefore been expended in the year.
Incidental costs incurred on acquisition of properties such as stamp duty and legal fees have been capitalised.
Interest costs incurred to fund the development of the properties have not been capitalised and have therefore been expended in the year.
Incidental costs incurred on acquisition of properties such as stamp duty and legal fees have been capitalised.
Revenue represents rent receivable from property rental agreements, net of VAT.
Rental income is recognised in line with rental agreements, with income received in advance of its related
rental period being deferred where necessary.
Revenue from the sale of property is recognised in the period in which the sale is legally completed.
Rental income is recognised in line with rental agreements, with income received in advance of its related
rental period being deferred where necessary.
Revenue from the sale of property is recognised in the period in which the sale is legally completed.
Page 2
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
6.Other financial commitments
The company acts as a guarantor to a facility agreement dated 2nd June 2020 on behalf of City & Provincial Properties Finance Limited, a company under common control. The maximum liability is £4.8m, and is secured over the assets of the company. The bank also holds a guarantee of £7.5 million plus interest and costs by way of a legal charge over the property (20-21 Kings Mews).
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